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Illustration of the Aasta Hansteen field. Image courtesy of Statoil.

Statoil sold a 49 percent stake Friday in its Aasta Hansteen field and divested from the Vega and Gjøa fields in a $1.75 billion deal with Germany-based producer Wintershall.

Wintershall will pay $1.25 billion in cash for the assets and an additional $50 million consideration when Aasta Hansteen hits certain milestones.

The transaction also includes a farm down in four exploration licenses in the Vøring area.

Statoil will retain a 51 percent stake and operatorship in Aasta Hansteen.

All assets included in the deal are on the Norwegian Continental Shelf.

The deal is effective January 1, 2014 and is expected to close by the end of 2014, pending government approval.

The accounting gain from the transaction is expected to be between $700 million and $900 million and will be adjusted for activity between the effective date and the closing date.

Statoil said the sale releases around $1.8 billion of capital expenditure for the period from the effective date until end of 2020.

Statoil’s production from the divested Gjøa and Vega assets was 22,000 barrels of oil equivalent per day in the first half of 2014.

The deal also includes a transfer of operatorship for the subsea Vega field.

No personnel will be transferred.